Africa Israel Reports Sharp Jump in 3rd Quarter Profits

Delek Group doubles net quarterly profit; TA-25 index hits another record high.

Lev Leviev, controller of Africa Israel.Credit: Ofer Vaknin

Africa Israel reports sharp jump in 3rd quarter profits

Real estate developer Africa Israel Investments posted a nearly 30% rise in third quarter net profit due to higher operating income at its shopping mall in Russia and strong results at its Israeli property units. The company said yesterday it had a net profit of 55 million shekels ($14 million) in the quarter, up from 43 million a year earlier. Revenue rose to 1.9 billion shekels from 1.87 billion. The company, controlled by billionaire diamond dealer Lev Leviev, said income from rent and operation of properties rose 18% to 174 million shekels mainly due to improved results at its mall in Russia and the opening of a mall in Romania. (Reuters)

Delek Group doubles net quarterly profit

The Delek Group energy company reported a doubling of net profit in the third quarter, boosted by oil and gas exploration, and said it plans to list its shares in London in mid-2015. Delek said yesterday it earned a quarterly profit of 150 million shekels ($39 million), up from 74 million a year earlier. Its bottom line was helped by gas production operations and higher income from its insurance and financial business. Revenue dipped to 5.2 billion shekels from 5.6 billion. The contribution to net profit from gas production was 53 million shekels in the quarter, up from 41 million a year ago. Delek said it was exploring the possibility and making preparations for trading on the London Stock Exchange in addition to its Tel Aviv listing in mid-2015. (Reuters)

TA-25 index hits another record high

Against the backdrop of positive quarterly corporate financial reports and indications that the economy picked up steam in the fourth quarter, the benchmark Tel Aviv-25 index rose another 0.5% yesterday to a record 1,477.59 points. The broader Tel Aviv-100 index jumped by closer to 0.6% to 1,311.27, while the Banks-5 index and the Real Estate-15 index gained 0.25%. After the Insurance index showed handsome 4.65% gains on Wednesday, it added nearly another 1% yesterday. Over the course of the week, the TA-25 gained 1.7% and for the year it is up about 11%. The representative rate of the dollar was set at 3.886 shekels, a two-year high for the greenback. Among stocks of interest, shares of Rami Levy Hashikma, the supermarket chain, dropped 5.4% amid stiff competition in the sector. Teva Phamaceutical Industries’ stock gained 0.5% on news of the appointment of Yitzhak Peterburg as its new chairman. (Eran Azran)